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Title: Environmentalists Welcome World Bank President's Halt to Palm Oil Investments
Visit: Environmentalists Welcome World Bank President's Halt to Palm Oil Investments
Author:
Friends of the Earth International
Dated:
11 Sep 2009
Friends of the Earth International welcomed today's announcement by the IFC, the World Bank's private sector arm, that it will stop all palm oil investments. "Investments in large-scale oil palm plantations lead to deforestation and human rights violations", said Torry Kuswardono of Friends of the Earth Indonesia/WALHI. "...we hope that other banks will follow suit."...A coalition of local and international NGOs...had previously filed a complaint at the IFC's internal watchdog...about a series of loans to palm oil giant Wilmar International...On Wednesday, Friends of the Earth International welcomed the banning by the UK Advertising Standards Authority of an advert by the Malaysian Palm Oil Council claiming palm oil is "sustainable"...
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